<br><br>21.525 Contributions by state -- Normal contributions -- Past service liability <br>contribution. <br>(1) The state, by appropriation to the Judicial Retirement Board, shall contribute <br>annually to the Judicial Retirement System an amount equal to the percent as <br>computed under subsection (2) of this section of the creditable compensation of <br>active members of the Judicial Retirement System, to be known as the "normal <br>contributions," and an additional amount equal to one percent (1%) of the unfunded <br>past service liabilities, plus annual interest accruing thereon at the actuarially <br>assumed rate of interest adopted by the board to be known as the "past service <br>contribution." <br>(2) The normal contribution rate shall be determined either by the entry age normal cost <br>funding method or the unit credit actuarial method, as selected by the board. The <br>past service liability shall be determined by actuarial methods consistent with the <br>methods prescribed for determining the normal contribution rate. The board shall <br>adopt the actuarial assumptions that are to be used in making the determinations. <br>(3) Normal contributions and the past service liability contribution for each fiscal <br>biennium shall be determined on the basis of the actuarial valuation last preceding <br>the commencement of the biennium. <br>Effective: July 15, 1988 <br>History: Amended 1988 Ky. Acts ch. 299, sec. 4, effective July 13, 1984. -- Created <br>1980 Ky. Acts ch. 246, sec. 6, effective July 15, 1980. <br><br>